Tungsten's Price Surge Ignites U.S. Exploration Race

Tungsten prices have tripled in 2026, according to a report on October 1. This sharp increase has sparked a new race among U.S. explorers to drill for the critical mineral. The price jump reflects growing concerns over supply chain vulnerabilities and the strategic importance of tungsten in industrial and defense applications.

The United States currently relies heavily on imports for its tungsten supply, primarily from China. This dependence creates a significant bottleneck for industries requiring high-strength, high-temperature materials. The recent price action suggests a market reacting to both increased demand and the geopolitical imperative for domestic sourcing.

This renewed focus on U.S. tungsten exploration could reshape the landscape for critical minerals. Companies with existing claims or geological targets for tungsten are now seeing their prospects re-evaluated. The challenge remains converting exploration success into economically viable production, a hurdle that has historically limited domestic output.

The Mechanism of Tungsten Supply

Tungsten, with its highest melting point of all metals, is essential for hard materials, high-temperature alloys, and electronics. It is typically found in wolframite and scheelite ores. Extracting tungsten begins with crushing and grinding the ore, followed by gravity separation or flotation to create a concentrate. This concentrate then undergoes chemical processing, often involving caustic soda or acid leaching, to produce ammonium paratungstate, or APT. APT is the primary intermediate product in the tungsten supply chain.

From APT, various tungsten products can be manufactured. Heating APT in a hydrogen atmosphere yields tungsten metal powder, which is then pressed and sintered into solid forms. Converting APT into high-purity tungsten and its alloys is a complex, energy-intensive process. The purity requirements for aerospace, defense, and advanced electronics applications are extremely stringent. Contaminants like sulfur, phosphorus, and arsenic must be removed to parts-per-million levels. This purification is difficult and adds significant cost. The bottleneck in the tungsten supply chain often sits at this conversion and purification stage, where specialized facilities and expertise are required to meet end-user specifications.

Companies Working in Critical Minerals

Several companies operate in the broader critical minerals space, with varying focuses across lithium, boron, and rare earths, and now, potentially, tungsten. Critical Metals Corp. (CRML), trading at $7.03, is one of the companies explicitly mentioned in the context of the tungsten price surge, alongside other rare earth stocks. The company's focus on critical metals aligns directly with the current market dynamics. MP Materials (MP), though primarily known for its Mountain Pass rare earth mine, sees its CEO, James Litinsky, making headlines for compensation, indicating the value placed on leadership in this sector. MP Materials also recently saw a surge in connection with its Texas magnet campus win, highlighting the downstream processing aspect of critical minerals.

In the lithium sector, Albemarle Corporation (ALB) remains a major player, with its stock at $105.78, though it has faced price target adjustments from analysts. Albemarle is a global leader in lithium production, with operations spanning brine and hard rock assets. Lithium Americas Corp. (LAC), priced at $4.78, is active in North America, including its Thacker Pass project in Nevada. Standard Lithium Ltd. (SLI), trading at $1.74, is focused on direct lithium extraction (DLE) from brine resources in Arkansas, with a 2026 decision targeted for its project there. SLI has also expanded its lithium supply deal with Trafigura in partnership with Equinor. Atlas Lithium Corporation (ATLX), at $2.41, is another lithium explorer, focusing on hard rock projects in Brazil. ioneer Ltd (IONR), priced at $2.93, is developing the Rhyolite Ridge lithium-boron project in Nevada, which could provide a domestic source for both critical minerals.

Beyond primary extraction, companies like American Battery Technology Company (ABAT), trading at $2.19, are focused on battery recycling and the recovery of critical minerals from "black mass." ABAT recently received an export license for up to $100 million in recycled black mass materials, indicating progress in establishing a circular economy for battery metals. NioCorp Developments Ltd. (NB), at $3.47, is advancing its Elk Creek project in Nebraska, which targets niobium, scandium, and titanium, with potential for rare earth byproducts. USA Rare Earth, Inc. (USAR), priced at $13.59, is another significant player in the rare earth space, with its Round Top project in Texas.

American Lithium Minerals, Inc.

American Lithium Minerals, Inc. (AMLM), trading over the counter at $0.065, is an exploration stage company incorporated in Nevada in 2005. Its stated focus is lithium and boron properties in Nevada, with an intention to expand exploration and acquisition globally. The company also states it is developing the use of Real World Asset Tokens to provide capital for mining.

AMLM's primary asset is the Sarcobatus Lithium property, located in Central Nevada. This property comprises 1,780 acres of mining claims. The company's activities since 2009 have centered on lithium exploration at Sarcobatus. While the company has acquired and divested cobalt, nickel, and graphite prospects in Central Nevada, and rare earth elements projects in Kingman, Arizona and Southeast Illinois, its current stated emphasis is on the Nevada lithium. The public record does not yet establish a measured, indicated, or inferred resource for the Sarcobatus project. AMLM has not generated significant revenues to date and is pre-revenue.

In February 2026, the SEC qualified a Regulation A offering on Form 1-A for AMLM. This offering covers up to 80,000,000 units, with each unit including one share of common stock and one warrant to purchase 1.5 shares of common stock. The warrants are exercisable at $0.05 per share until December 31, 2028. An additional 120,000,000 shares are issuable if all warrants are exercised in full. The maximum total offering amount is $20,000,000. AMLM announced on September 30, 2026, the completion of its PCAOB audit and its planned uplisting to OTCQB in the fourth quarter of 2026.

What to watch

• Tungsten exploration results: Watch for drilling updates and assay results from U.S. explorers specifically targeting tungsten deposits, particularly from companies like Critical Metals Corp. (CRML).
• Albemarle (ALB) earnings: Albemarle is scheduled to release its third quarter 2026 earnings results on Wednesday, November 4, 2026. This will provide insight into the financial health of a major lithium producer.
• Standard Lithium (SLI) project decision: Standard Lithium is targeting a 2026 decision for its Arkansas Lithium Project. A definitive decision could significantly advance domestic DLE production.
• American Battery Technology (ABAT) export activity: Monitor the actual volume and value of black mass exports by American Battery Technology Company following its recent export license approval.
• American Lithium Minerals (AMLM) uplisting: Watch for the official announcement of American Lithium Minerals' uplisting to OTCQB in the fourth quarter of 2026, as stated in its September 30 filing.
• Ioneer (IONR) Rhyolite Ridge progress: Look for updates on permitting and development milestones for Ioneer's Rhyolite Ridge lithium-boron project, which is critical for domestic supply of both minerals.

, { "label": "Concentrate", "note": "Crush, grind, separate ore", "metric": "CRML, NB" }, { "label": "APT Production", "note": "Chemical processing to Ammonium Paratungstate" }, { "label": "Metal Powder", "note": "Heat APT in hydrogen to tungsten powder" }, { "label": "Purification & Alloy", "note": "Remove contaminants to ppm levels for end-use", "metric": "Purity >99.99%" }, { "label": "End Products", "note": "High-strength alloys, electronics, defense" } ], "highlight": 4, "highlight_note": "Achieving ultra-high purity is difficult and costly, limiting domestic production capacity.", "footnote": "Source: PubCo Insight analysis of critical mineral processing, October 2026" }